Never miss an update

Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88

Item specifics

Condition: :
An item that has been or previously. See the seller’s listing for full details and description of any imperfections.See all condition definitions- opens in a new window or tab
Seller Notes: Excellent Condition.....small amount of wear on bottom back (very minimal) see last picture
Brand: Mephisto Color: Chestnut
Style: Oxfords Pattern: Solid
US Shoe Size (Men's): 10 Country/Region of Manufacture: France
Width: Medium (D, M) Euro Size: EUR 43
Material: Pebble Grain Leather UPC: Does not apply
Never miss an update

Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88 -

    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88
    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88
    Magnanni Mens Loafers Size 11M Boat Shoes Blue Brown Moccasins Suede Leather i10adidas SUPERSTAR Casual Men's Shoe SKU F37461 Size 10 Skateboarding , Demonia shoes V-Creeper-502 goth gothic punk black vegi creepers men's 4-14Puma EL Rey Fun Mens 362370-02 Black Leather Casual Slip On Shoes Size 6.5 , Fred Perry Kingston Twill Tipped (B3176) Shoes Men Authentic Size 13 - 47 NewPUMA Mens Suede Classic Debossed q4 Fashion Sneaker- Pick SZ/Color. , VANS x A TRIBE CALLED QUEST (ATCQ) CLASSIC SLIP ON BLACK MENS SZ 11 NIB SOLD OUTNEW **NAUTICA** Leather Slip-On Loafer Shoe, 2 Tone Smooth Brown Leather 9MNEW Dr Martens Ethan Moss Brown Leather Slip-On Loafer Shoes Mens US 13 , Skechers 65406 USA Mens Relaxed Fit-Elent-Velago Oxford- Choose SZ/Color. , MEN`S SPERRY TOP-SIDER "GAMEFISH 3-EYE DK TAN" BOAT SHOES SIZE 9 M NEW , New Mens V-lite Walk Lite Tenby Size 7.5Dragon Ball Z Quick Turn Core Deck Shoes. Brand New. Adult Size 9 Limited Ed.crocs Crocs Mens Relaxed Slip On- Pick SZ/Color. , Cole Haan Nantucket Loafer for Men 11 M US Navy HandstainAlice In Wonderland Cheshire Cat Men’s Classic High Top Canvas Shoes Disney , Skechers USA 65134EWW Mens Caswell Lander Slip-on Loafer- Choose SZ/Color.New Without Box Men's Geox Respira Athletic Shoes 10 M (Black), m01Florsheim Comfortech Midtown Black Cap Toe Oxfords Mens Size: 10.5 NEW!native Unisex Jefferson Fashion Sneaker - Choose SZ/ColorNEW Salomon X Tour 2 370723 Mens Shoes Trainers Sneakers SALE , Skechers 64455W Mens Citywalk-Malton OxfordWide US- Choose SZ/Color. , TODS MADE IN ITALY TAN LEATHER BROWN PENNY MOC LOAFERS SZ 8 CASUAL FORMAL RAREFila Men's Vulc 13 MP All Brown with Gum Sole Casual Shoe , Cole Haan Hyannis Penny Lrf II Java Brown Leather Slip On Shoes Mens Size 11.5 , Nike Flex Supreme Tr 2 Mens Wolf Grey/White-Volt Running Sneakers size 8 , New Cole haan Men's C 26500 Fashion SneakersNEW UNDERGROUND ENGLAND SHOES TARTAN ANARCHY PLAiD PUNK ANTi HERO SNEAKERS M7adidas Mens EQT SUPPORT ADV #BB1295 size 10.5 Black and White Ortholite Comfort
    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88 ->Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88 -
    Northside Women's Cece Insulated Fashion Boot Dark Brown 8 M USY's Platform leather shoes Size 3(US About 6.5)(K-43231)FRYE Womens Melissa Button Back-Zip Boot- Pick SZ/Color. , NEW $1600 DOLCE & GABBANA Boots Black Leather Suede Shoes Gold Studs EU37 /US6.5 , Amblers Safety FS39 Safety Boot / Mens Boots (FS1614) , Asics Gel GT 2000 6 Mens Running Shoes (4E) (4549) , Lucky Brand LAHELA Womens Boots Bracken 7.5 US / 5.5 UK$199 Killah Shoes Brown Leather Size US 10 IT 40 Save 7633*** Pleaser Adore-798 black rhinestones stiletto platform cage sandals heels 9 , $199 Killah Shoes Green Leather Size US 9 IT 39 Ebay 7632Men's/Women's miu miu shoes 39 Modern and elegant fashion Trendy Very practicalNew Jimmy Choo Chiara 36 Nude Patent Cross Strappy Demi Wedge Sandal heels $695Chaco Z/1 Vibram Unaweep women's size 11M black Classic sandals in original BoxEarth Tidal - Women's Gladiator Sandal - All Colors - All Sizes , NEW IN THE BOX VANS OLD SKOOL DEEP GRASS GREEN TRUE WHITE VN0A38G1UKV FOR MENNEW NIKE TEXAS LONGHORNS FREE TRAINER V7 WEEK ZERO SHOES MEN SZ 10.5 AA0881 800 , 7.5 BAIT x REEBOK QUESTION MID ICE COLD LIMITED 500Nike Air Max 97 Pure Platinum University Red 921826-009 US 9 11 Silver AM97 3MDragon Ball × Adidas Original KAMANDA Majin Boo + ULTRA TECH Vegeta SIZE 9.5 , Stacy Adams Boot Kason Leather Double Monk Strap Burgundy Multi 25127-641 , DR MARTENS Blue PASCAL Bandana Leather 8 Hole Combat Boots Size Men 10 Women 11 , Men's/Women's Mark Nason Lounge Celtic Cross Shoes Reasonable price Let our products go to the world SimplePuma Sky II Hi Explosive Women’s Sneakers 363374-02 Puma White-Puma White Sz 6New Balance Women's 574 Collegiate Shoes Silver with Grey & BlueMen's/Women's Luna Mono Gordo 2.0 Unisex Sandals feature Stylish and fun Elegant and robust menuAdidas Women's Climachill Ride Running Shoes D66819 F32501 Training Trainers , Man/Woman Billabong Women's Ares Booties Dune 6H Charming design The latest technology Direct businessVINTAGE Bottes TANAGRA Paris Cuir Bordeaux T 36 TBEBottes Hautes Cuir Noir T 40 TBE , PUMA Women's Suede Classic WN's Fashion Sneaker - Choose SZ/color
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Mephisto Air Relax Mens 10M Marlon Air Relax Brown Pebbled Pebbled Leather Oxford Shoes $400 bc74a88
    Casual Shoes